Oil minister Dharmendra Pradhan said late on Monday that India is open to importing oil from Russia.
India is expanding oil refining capacity to produce more fuel and petrochemicals as also investing in pipelines and terminals to increase the share of natural gas in the energy mix.
It is being speculated that the Union Cabinet may take up a proposal to privatise BPCL as early as next week
All this, Pradhan said, augurs well for the steel demand in the country
His meeting assumes significance as steel companies in Japan have shown interest in investing in India.
He was campaigning for BJP candidate Sanat Gartia in Bijepur assembly by-election
The government is giving special impetus to develop gas infrastructure across the length and breadth of the country connecting north to south and east to west parts of India, he said.
India's diversified crude and product basket was one reason that helped India in avoiding the Saudi Aramco crisis.
The lease would then be extended for a further period of up to 20 years at a time
At present, the country is importing around 2-3 million tonne (mt) of steel from the overseas market
The minister for petroleum and natural gas was speaking at a meeting attended by a Mongolian business delegation led by the country's President Khaltmaagiin Battulga
Minister says volatility in international pricing a cause of concern for India
Oil Minister Dharmendra Pradhan on a three-nation visit courted the new Saudi Arabian minister in Jeddah
Minister sees domestic natural gas output rising by 20% to 39.3 billion cubic metres by 2020-21.
Household kitchens getting piped cooking gas has doubled to nearly 52 lakh and licences awarded would take the number to 5 crore by 2030, he said
The unit is proposed to be set up on 50 acres of land in the premises of the now-defunct Dhuriapar Co-operative Sugar Mill
The world's third-largest energy consumer would need a combination of cleaner diesel and petrol, compressed natural gas (CNG), biofuels and electric vehicles
Pradhan said the country's energy sector is attractive for foreign investors
Pradhan said the government had constituted a committee for preparing a road map to reduce the dependency on energy imports by 10 per cent by 2021-22
Pradhan said the state government's apathy in awarding land and swift clearances had slowed the tempo of growth in Odisha